What is Long Beach Down Payment Assistance Program?
• This is a Long Beach First Time Home Buyer Program designed to help people become a home owner. • Total Funds Available – approximately $40 Million (unverified) available (roughly 250 applicants if average LB loan is $150K) • Silent 2nd up to $275,000 to assist with the purchase of a primary residence • No payments due for 30 years • Equity sharing schedule, reduced for each year that the borrower owns and occupies the property • Full forgiveness of equity sharing after 30 years • Loan must be repaid in full unless property sold at a loss in the future • Where you can get it – contact Jason Samia at Jason.Samia@gmail.com • Long Beach has started taking applications in October 2008 for their silent 2nd First Time Home Buyer Loan Program.
